Loan sharks

A loan shark is an illegal unlicensed money lender. They often charge very high interest rates and may not give you any paperwork confirming the arrangements the have made with you. A loan shark may also take illegal action to collect the money they have lent you. They may threaten violence or take away your credit card or other valuables.

If you fall behind with your rent or other bills, we urge you NOT to turn to an illegal money lender. They are not your friend. Contact out Money Advice team to see if there is anything we can do to help.

If you think you may have borrowed money from an unlicensed money lender, you haven’t broken the law, they have. You can speak in confidence to the Illegal Money Lending Hotline on 0300 555 2222 or you can text LOAN SHARK followed by your message to 60003. You can also email the team at reportaloanshark@stoploansharks.gov.uk